Lucid Group (NASDAQ:LCID) Shares Gap Down - Here's What Happened

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $2.61, but opened at $2.45. Lucid Group shares last traded at $2.39, with a volume of 45,537,618 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Benchmark started coverage on shares of Lucid Group in a report on Wednesday, February 12th. They set a "buy" rating and a $5.00 price objective on the stock. Cantor Fitzgerald restated a "neutral" rating and set a $3.00 price target on shares of Lucid Group in a research note on Wednesday. R. F. Lafferty upgraded Lucid Group from a "hold" rating to a "buy" rating and set a $4.00 price objective for the company in a research report on Monday, November 11th. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Wednesday. Finally, Royal Bank of Canada cut their target price on Lucid Group from $3.00 to $2.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Lucid Group currently has an average rating of "Hold" and an average price target of $2.73.

Lucid Group Stock Down 0.4 %

The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of -1.66 and a beta of 0.93. The firm has a 50 day simple moving average of $2.96 and a 200-day simple moving average of $2.96. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26.

Institutional Investors Weigh In On Lucid Group

A number of hedge funds have recently made changes to their positions in the company. Creative Planning increased its holdings in shares of Lucid Group by 54.3% during the third quarter. Creative Planning now owns 224,031 shares of the company's stock worth $791,000 after buying an additional 78,839 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Lucid Group during the 3rd quarter valued at $192,000. Latko Wealth Management Ltd. bought a new position in Lucid Group in the 3rd quarter valued at $39,000. Crumly & Associates Inc. acquired a new position in Lucid Group in the third quarter worth $38,000. Finally, Axim Planning & Wealth bought a new stake in shares of Lucid Group during the third quarter worth $48,000. Institutional investors and hedge funds own 75.17% of the company's stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.